MasterCard Launches Prepaid Travel Card in Canada (June 27, 2013)
June 27, 2013
The latest entry in a spate of new prepaid travel cards comes from Canada, where MasterCard Canada and its subsidiary Access Prepaid Worldwide this week launched the new Cash Passport Prepaid MasterCard Currency Card. Targeting Canadian travelers seeking a secure alternative to traveler’s checks or cash, the EMV-enabled Cash Passport card enables cardholders to preload funds in various foreign currencies and make payments and withdraw cash at ATMs while traveling abroad. Cash Passport was a Paybefore Award winner in 2012.
Cardholders may lock in foreign exchange rates when loading funds to the card and reload funds over the phone or in person at the outlet where the card was purchased. The Canadian Automobile Association stores, Travelex outlets and other travel agencies are among those selling the card. Fees and transaction limits vary based on where the card is purchased. Peoples Trust Company issues the new card.
Canada’s Cash Passport is the latest in a growing array of prepaid travel cards for various global markets. MasterCard in April 2011 acquired Access, the rebranded Travelex prepaid card program, and it now accounts for more than 2,000 prepaid card programs globally, offered through 20,000 retail outlets with 3.5 million cards in circulation, according to Access. Deutsche Bank India earlier this month announced a Visa-branded prepaid card for travelers, and South African bank Absa and Virgin Australia also recently added prepaid traveler cards.